Results for the year ended 30 September 2013
PCGH’s NAV total return was 21.0%, adjusted for the likely impact of PCGH’s subscription shares being exercised, and 23.2% without making that adjustment. The benchmark, the MSCI All Countries World Index Healthcare Index, returned 25.4%. The Board say that the main reason for the underperformance relative to the index was PCGH’s lower weighting in biotechnology companies (4.6% of the portfolio vs. 13% for the index). This underweight is a consequence of PCGH’s bias to income producing stocks.